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March 21, 2017
Base & Precious Metals

Commodity Forecasts
Copper Alum-
inum
Zinc Nickel Gold Silver
US$/lb US$/oz
2004 1.30 0.78 0.48 6.27 409 6.65
2005 1.67 0.86 0.63 6.69 445 7.31
2006 3.05 1.17 1.48 11.00 605 11.58
2007 3.23 1.20 1.47 16.89 697 13.40
2008 3.15 1.17 0.85 9.57 872 15.01
2009 2.34 0.75 0.75 6.64 973 14.67
2010 3.42 0.99 0.98 9.89 1225 20.16
2011 4.00 1.09 0.99 10.38 1570 35.11
2012 3.61 0.92 0.88 7.96 1668 31.15
2013 3.32 0.84 0.87 6.81 1411 23.83
2014 3.11 0.85 0.98 7.65 1266 19.08
2015 2.50 0.75 0.88 5.37 1160 15.70
2016 2.21 0.73 0.95 4.35 1248 17.10
y-t-d 2017 2.65 0.83 1.26 4.69 1215 17.39
Mar '16 2.24 0.69 0.82 3.95 1246 15.45
Apr 2.20 0.71 0.84 4.01 1241 16.26
May 2.14 0.71 0.85 3.94 1260 16.87
Jun 2.10 0.72 0.92 4.04 1274 17.17
Jul 2.20 0.74 0.99 4.65 1337 19.91
Aug 2.16 0.74 1.04 4.69 1341 19.62
Sep 2.13 0.72 1.04 4.62 1327 19.28
Oct 2.15 0.75 1.05 4.65 1269 17.72
Nov 2.47 0.79 1.17 5.05 1240 17.48
Dec 2.57 0.78 1.21 4.99 1153 16.37
Jan '17 2.60 0.81 1.23 4.53 1193 16.85
Feb 2.69 0.84 1.29 4.82 1233 17.88
m-t-d Mar 2.65 0.85 1.25 4.75 1221 17.50
Forecast
2017 2.50 0.78 1.20 4.85 1200 16.75
2018 2.55 0.80 1.25 5.20 1220 17.00
Commodity price forecasts are by BMO Capital Markers Economics and are independent of those used by BMO CM Equity Research
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